Jessica,

I do not believe that you can buy the home from the lender until all of the paperwork is done... because even though the owners will no longer be responsible for the home, they are still the owners until the home has gone before the courts and the Sheriff's sale takes place.

Before that time, if you want to make an offer it would be with the current owners signing a purchase offer from you "subject to the lender approving the contract". We have many properties here in Lee County Florida that owners have on the market as a "short sale" before they get to foreclosure... hoping to get offers and then hoping the lender will entertain the offer(s). And yes... multiple offers can be accepted b the owners as long as they are all subject to lender acceptance. In order to do this the seller has to go thru a process with their lender (or in some cases with a 2nd and/or 3rd mortgage holder as well). The "mounds" of detailed paperwork they will fill out (financials, hardship letter and the past couple of years income tax returns as well as year-to-date income proof) has to be submitted to the lender(s). After review, if they start a file on the seller, the seller has to get the home on the market with a Realtor that understands the process and wait for a buyer to come in at a number their Realtor feels is what that the area will support as far as what their neighborhood is selling for (closed sales only can be used).

The short sale is a "hurry up and wait" process at best!

As far as where to find the REO's, locally and I know in other areas, can be found by a good Realtor in the area you are moving to. Typically, but not always, the Realtor fees will be paid by the lender and by being responsible for your own closing costs your offer will be more favorably looked at than an offer that is asking the seller to participate (in this case, the lender which means their net numbers may be less than they were willing to take).

Hope I have not rambled on too long or confused you by all the terms but they can be complicated processes - both the REO's and short sales. My advise is for you to get a good Realtor that has had
experience in both of these areas. Even the contract to purchase may not be the standard on that is typically used when making a "normal" seller to buyer purchase. Also, a good Realtor will more than likely advise you to have an atorney review your offer before it is submitted to either the seller or the lender. Spending their fee up front could save you a lot later! If you have any questions on the process, I can be reached at
Angeline@dennygrimes.com . I wish you all the best in this venture!

Angeline Sackett, Realtor
Direct: 239=898-0524

chances are that the bank will not entertain any offers until it completes its listing process (getting BPOs or appraisals) and gets the property on the mls with their preferred agent. if the property has not been sold at auction but is still a pre-foreclosure then you still have a chance to negotiate with the bank for the purchase. you'll need to get a purchase contract for the property and signature authorization from the seller so that you (and/or you realtor) can contact the bank directly and negotiate your purchase. if you're trying to pay less than is owed on the property you'll need a hardship letter signed by the seller and some good (recent) comparables to justify the price you are offering the bank. from there it will depend on who is working the file at the bank.

Hi Jessica! Looks like you've gotten some good answers here! If you need more information or if I can help in showing you the home, making some contacts for you or anything else, please feel free to give me a call. My cell is 801-336-0855. I work in the area quite often. It's a beautiful little town.

If you love the home the time to act is now.If the property is in forclosure the lender may be willing to allow a sale of the property. There will be a lot of paper work for the current owners and the REALTORS® involved. In my experince when the property goes to sheriff sale it will take at least 3 months to show up on the MLS and the home will normally be in worse shape than when it was occupied.
If you like this home do not wait. Talk to your relocation buyers agent and get something going on it now.

The link beow will take you to a ste that lists major lender sites REO homes. Do you know the lender for this partucular home?